March 2024 was a truly roller-coaster month for crypto enthusiasts. Bitcoin hit an all-time high above $73,500, spurred by new ETFs and the coming halving, but then sharply dropped below $62,000 due to heavy profit-taking. Now, as Bitcoin wavers around $65,000, struggling to reclaim its previous gains, the community buzzes with uncertainty. Analysts are split in their opinions, so investors and traders keep guessing if the crypto king will rise or fall in this market cycle and how its next move will affect the broader crypto sector.
In such a vulnerable atmosphere, it can be a wise move to shift your focus to low-priced tokens. Although they can barely compete with Bitcoin in terms of market capitalization, they are equally exciting as entry points into the realm of crypto investment and can turn your modest allocation into solid capital within a relatively short period of time.
Some tokens have already excelled in a volatile March, not only ending the month in the green but also showing impressive growth and yielding significant profits for their holders. As April approaches, these five cheap but prospective cryptos are worth watching.
In March, the CHO token, a cornerstone of Choise.com, exploded by over 300%. This surge likely stemmed from the potential revolutionary changes in the tokenomics of its parent platform. The Choise.com team subtly signaled these coming updates by rolling out a mysterious new site. Adding to the twist, the CHO community was speculating that the company's timely entrance into the B2B sector, which had already generated $20 million in revenue, would also boost the token. The Choise.com founder, Vladimir Gorbunov, briefly implied that the strategic expansion of CHO's utility to the institutional domain was here to stay, benefiting CHO holders along the way.
How CHO performed in March. Source: CoinMarketCap
With seven years in the industry, Choise.com adapts to meet the ever-changing needs of crypto enthusiasts worldwide. The platform seamlessly integrates the traditional CeFi infrastructure of its predecessor, Crypterium, with advanced DeFi tools, serving as a fully licensed digital and crypto banking provider. Based on community talks, Choise.com's alleged improvements in tokenomics can elevate CHO's current low-cap status and spark another 200% rally soon. For everyone who wants to prepare in advance for the major bull run, there is a good chance to acquire some tokens for free through an early-bird airdrop to grow their CHO stash for maximized returns in the run-up to Q2 2024.
The PSTAKE token, a centerpiece of pSTAKE Finance, recorded a significant growth of more than 200% in the wake of the protocol's ambition to dominate DYDX liquid staking. Recently, dYdX, the top perpetual DEX, moved to its own app chain in the Cosmos ecosystem to enhance security and decentralization. And from now on, DYDX token holders can stake their tokens for USDC rewards with pSTAKE, innovatively resolving the traditional 30-day lock-up challenge to maintain liquidity. Given that DYDX liquid staking is poised to invigorate the multi-million-dollar Cosmos DeFi sector, PSTAKE stands a good chance of improving its market position.
How PSTAKE performed in March. Source: CoinMarketCap
A Cosmos-centric liquid staking protocol, pSTAKE Finance empowers users to earn in DeFi while keeping their assets liquid through stkTokens, whose value grows daily with accumulated rewards. Currently, the platform supports liquid staking for five tokens and will soon add XPRT. PSTAKE Finance is all set to make waves in the Cosmos DeFi universe by bolstering liquidity, functionality, and integration – crafting a robust foundation that could place PSTAKE at the heart of this efficiently operated ecosystem. But the unstable nature of PSTAKE, with a volatility score of 40/100 and an extreme annual inflation rate of 891%, can shatter its further uptrend. It's also quite alarming that investors haven't seen any profits since the first token offering. So, PSTAKE's long-term viability is still subject to doubt.
This month, the HOPR token, a lifeblood of the HOPR protocol, jumped over 140%. This surge appears to correlate with the broader market's positive trend, as there was no specific news from the token's underlying company that could directly drive the rally. Despite a 13% decline in the past week, paralleling Bitcoin's movement, the sentiment towards HOPR's future price remains bullish. This optimism is reflected in the Fear & Greed Index, currently at 75, indicating 'greed' and suggesting a confident market outlook.
How HOPR performed in March. Source: CoinMarketCap
With the HOPR protocol, people enjoy complete control over their privacy, data, and identity. Effectively, it allows for the secure transmission of data without exposing metadata. Operating without its own blockchain, HOPR node runners earn tokens on Gnosis Chain and Ethereum mainnet. Though the HOPR token has been on an upward trajectory since the beginning of the year, showing promising medium-term prospects, it carries a high-risk score due to its price volatility relative to volume changes. Notably, the token's monthly trading activity is down by 45% and sends warning signals about potential market manipulation. HOPR also lacks transparency when it comes to its circulating supply, which obscures its true market value and supply-demand dynamics.
The monthly growth of QRDO, the utility and governance token for Qredo Network, exceeded 50% in light of the project's active governance activities. Throughout March, QRDO holders cast their votes on several key proposals. This engagement had a tangible impact, with the amount of QRDO staked soaring from 9% to nearly 17% of the circulating supply. Additionally, the protocol's decision to burn fees is showing positive signs, with 225,140 QRDO tokens burned in February to maintain supply scarcity.
How QRDO performed in March. Source: CoinMarketCap
With its trustless multi-party computation custodial network, Qredo Network offers decentralized custody, facilitates native cross-chain swaps, and provides cross-platform liquidity access. But while the QRDO Foundation concentrates on promoting the adoption of open custody, security, and interoperability protocols to boost the value of the token's ecosystem, it's important to note that less than 35% of QRDO's total token supply is currently in circulation. This is a risk signal, as the limited circulation can lead to increased volatility or manipulation in token value. Additionally, similar to the PSTAKE token, QRDO has not performed as well as its initial token sale price, which is a concern for investors monitoring its long-term trajectory.
This month, GFI, the Ethereum token governing Goldfinch, also soared over 50%. As of the end of January, Goldfinch emerged among the top four contenders in the DeFi lending arena, whose cumulative active loans surpassed $326 million. And this is despite the fact that GFI's market capitalization is under $100 million. With BlackRock launching its first tokenized fund on Ethereum, investors are rapidly gathering around tokens like GFI, anticipating the rise of Real World Assets (RWAs) as the next big narrative in the crypto sphere.
How GFI performed in March. Source: CoinMarketCap
Goldfinch stands out in the DeFi space as a global credit protocol that offers reliable, high-yield stablecoin earnings derived from real-world economic activities, insulated from the usual DeFi market volatility. It aims to democratize DeFi lending through more accessible loans backed by both on-chain and off-chain collateral. As BlackRock makes significant strides in the sector, Goldfinch and its GFI token are quickly gaining traction, riding the wave of RWAs becoming a hot topic in crypto. The early part of 2024 has already seen GFI's growth go unabated. However, similar to the QRDO token, a limited amount of GFI is currently trading on the market – less than 25% of the total supply is in circulation – implying limited liquidity and potential price volatility.
In a month marked by volatility for major cryptocurrencies like Bitcoin, a handful of low-priced tokens demonstrated remarkable resilience, making them enticing options for April. Even as the crypto bigwig was riding a roller coaster, five lesser-known assets managed to not only keep their value but also chalk up impressive gains. This gives investors an alternative gateway into the cryptoverse that is rich with diversity and packed with potential for hefty returns in no time flat.
Each of these tokens – CHO, PSTAKE, HOPR, QRDO, and GFI – demonstrated unique strengths and growth patterns in the face of market instability. From CHO's three-digit gains backed by Choise.com's tokenomic evolution and B2B sector entry to GFI's gradual rise amidst the growing interest in RWAs, they showed potential for high rewards. But if you're thinking about investing in PSTAKE, HOPR, QRDO, or GFI, don't just dive right in and conduct a thorough research. Unlike CHO, they are more prone to volatility because of various market factors that are barely offset by the innovation of their underlying products. Anyway, all these tokens are available on authoritative platforms like Gate.io, where you can purchase them with either fiat or trade for another cryptocurrency.
